MGM Resorts on Thursday reported fourth-quarter and full-year results for 2025.
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas,” MGM Resorts International President and CEO Bill Hornbuckle said in a statement. “As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our regional operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka.”
For the fourth quarter, consolidated net revenue was $4.6 billion, up 6%. Net income was $294 million compared to $157 million in the prior year quarter.
Consolidated Adjusted EBITDA was $635 million in the fourth quarter compared to $528 million year-over-year, up 20%.
Las Vegas Strip properties generated revenue of $2.2 billion for MGM, down 3%. Segment Adjusted EBITDAR was $735 million, down 4%.
Regional MGM properties had net revenue of $950 million, up 2%. Segment Adjusted EBITDAR was $280 million at regional properties for the quarter compared to $281 million in the prior year’s quarter.
In Macau, revenue was $1.2 billion in 2025 compared to $1 billion in the prior year quarter, up 21%. Segment Adjusted EBITDAR was $332 million in the fourth quarter, compared to $255 million year-over-year, up 30%.
MGM’s digital operations brought in revenue of $188 million in the fourth quarter, compared to $140 million, up 35%. Segment Adjusted EBITDAR for digital was a loss of $7 million compared to a loss of $22 million in the prior year’s quarter.
Consolidated net revenues for MGM were $17.5 billion for 2025 compared to $17.2 billion in 2024, up 2%. Net income attributable to MGM Resorts was $206 million in the current year compared to $747 million in 2024.
Consolidated Adjusted EBITDA of $2.4 billion in 2025, up 1%.
Las Vegas Strip properties generated revenue of $8.4 billion during 2025 compared to $8.8 billion in the prior year, down 4%. Segment Adjusted EBITDAR was $2.9 billion compared to $3.1 billion in the prior year, down 8%.
Regional operations yielded revenue of $3.8 billion in 2025 compared to $3.7 billion in 2024, up 1%. Segment Adjusted EBITDAR at regionals was $1.2 billion compared to $1.1 billion in the prior year, up 2%.
MGM China generated revenue of $4.5 billion in 2025, compared to $4 billion in the prior year, up 11%. Segment Adjusted EBITDAR was $1.2 billion in the year compared to $1.1 billion in 2024, up 11%.
Net revenues for digital were $654 million in 2025 compared to $552 million in the prior year, up 19%. Segment Adjusted EBITDAR was a loss of $90 million in 2025 compared to a loss of $77 million in 2024.
